Viable. Verified. Certified. Valued.
Lender-first. Engineered in-house. One technical team across the entire life of a credit — from the TEV study before disbursement to valuation at exit.
Kakode & Associates by the numbers
Figures as at July 2026. International assignments completed across UAE, Oman, USA, Ethiopia, Zambia, Uganda and Ghana.
From first appraisal to final value
Most lenders appoint one firm for the techno-economic viability study, another for construction monitoring, and a third for valuation at resolution. Each hand-off costs time and introduces a different methodology. Kakode & Associates covers all four stages with one team, one methodology and a single point of accountability.
Independent verification that a proposed project is technically sound, its cost estimates credible, its revenue projections defensible and the loan serviceable.
Physical site inspection, milestone verification and fund-utilisation tracking, with monthly progress reporting that flags delays, cost overruns and diversion risk while they are still correctable.
Government-approved, IBBI-registered, IVS-compliant valuation of land, buildings, plant and machinery, brands, enterprises and financial securities.
Valuation for IBC and NCLT proceedings, distressed-asset resolution, Cost Vetting and Chartered Engineer certification.
Why a specialist, not a generalist
Valuation sits as one line inside a broad consulting business at most large advisory firms. At Kakode & Associates it is the whole business.
Every technical assessment is conducted and owned in-house. Our founders carry over 50 years of combined experience across 30,000+ assignments in India and internationally. No sub-contracted site visits, no borrowed engineering.
IBBI-registered across all three asset categories — Land and Building; Plant and Machinery; Securities and Financial Assets. Government Approved Valuer and Chartered Engineer certified. Reports are built to the standard required for NCLT proceedings, IBC mandates and RBI-compliant credit appraisal.
TEV before lending, Lenders’ Independent Engineer and Project Monitoring during construction, valuation at any point after. One firm across the entire credit relationship.
We have not diversified into investment banking or transaction advisory. Valuation, TEV, LIE, Project Monitoring and Chartered Engineer certification are the practice. That depth is why mandates of ₹12 lakh crore and above are entrusted to us.
Empanelled with 30+ banks and financial institutions, including nationalised, private and co-operative banks, ARCs, NBFCs and multilateral lenders.
11 offices and 30+ professionals — 8 IBBI Registered Valuers, an ICA Registered Architect, 4 Chartered Accountants, 15 engineers and over 10 construction and project-management specialists. Assignments completed in the UAE, Oman, USA, Ethiopia, Zambia, Uganda and Ghana.
Selected mandates
A sample from over 30,000 completed assignments. Lender names are withheld; mandate values and technical scope are as recorded in our engagement files.
Renewable Energy
Techno-Economic Viability study across two locations covering 152 MW wind, 500 MW solar and 600 MW of battery energy storage.
TEV StudyInfrastructure
Project Monitoring Agency across ten concurrent national mandates including the Nagpur–Mumbai Expressway, Delhi–Meerut RRTS, the Rohtang Pass tunnel and the Mumbai–Pune Missing Link.
Project MonitoringConstruction
Project Monitoring Agency across ten construction projects including CIDCO Navi Mumbai, MHADA and the Karwar Naval Base.
Project MonitoringHospitality
TEV and Lenders’ Independent Engineer mandates across four operating Leela Palace properties following the Brookfield acquisition, plus three new developments at Srinagar, Agra and Bandhavgarh.
TEV · LIEAviation · IBC
IBBI-mandated valuation for the insolvency resolution process.
IBC ValuationEdTech · IBC
Valuation mandate under insolvency resolution proceedings.
IBC ValuationRegistrations and institutional trust
Yes. Kakode & Associates is registered with the Insolvency and Bankruptcy Board of India (IBBI) across all three asset categories — Land and Building, Plant and Machinery, and Securities and Financial Assets. The firm is a Government Approved Valuer, is Chartered Engineer certified, produces IVS-compliant valuation reports, and is empanelled with 30+ banks and financial institutions.
When the advisors need an independent technical opinion in India, they appoint us.
Empanelled with
Also engaged by
Insights
Report · Sep 2026
Value assessed, mandate counts and technical trends across the ten asset classes Kakode & Associates covers, from power to electric mobility.
Whitepaper · Aug 2026
Where lender-side technical diligence is heading in FY27: renewables plus storage, data centres, and infrastructure resolution.
Guide · Jul 2026
IBBI, RBI and IVS requirements for valuation reports used in credit appraisal, restructuring and NCLT proceedings — in one reference.
Case Study · Jun 2026
Selected TEV, LIE and valuation mandates with scope, approach and outcome. Lender names withheld.
A plain-language guide for promoters and credit teams: what a techno-economic viability study checks, when a bank asks for one, typical…
The scope, sequence and evidence base of a techno-economic viability report — and the five questions a credit committee should be able to…
What a Lenders’ Independent Engineer actually does after sanction — the initial review, monthly site reports, drawdown certification and…
FAQ
A Techno-Economic Viability (TEV) study is an independent assessment commissioned by a lender before disbursement. It verifies that a proposed project is technically sound, that its capital cost estimates are credible, that its revenue and cost projections are defensible, and that the resulting debt can be serviced. Kakode & Associates has completed TEV studies across power, renewables, real estate, infrastructure, hospitality, manufacturing and electric mobility, including mandates above ₹15,000 crore.
A Lenders’ Independent Engineer (LIE) monitors a project on the lender’s behalf during construction. The role covers physical site inspection, verification of milestone completion, certification of fund utilisation against claimed progress, and monthly reporting on delays, cost overruns and diversion risk. Kakode & Associates acts as LIE and Project Monitoring Agency for portfolios of up to ten concurrent projects.
Yes. Kakode & Associates is registered with the Insolvency and Bankruptcy Board of India across all three asset categories: Land and Building, Plant and Machinery, and Securities and Financial Assets. The firm is also a Government Approved Valuer and is Chartered Engineer certified, and its reports are IVS-compliant.
Land, buildings, plant and machinery, vessels, aircraft, brands and other intangibles, enterprises, and securities and financial assets. Valuations are produced for loan security, IBC and NCLT proceedings, mergers and acquisitions, and financial reporting including Ind AS.
Big Four firms bring broad strategy, audit and transaction capabilities. K&A does one thing: independent techno-financial opinion for lenders, investors and their advisors. TEV, LIE, Project Monitoring, Valuation and Chartered Engineer Certification are our entire practice, not a service line within a larger one.
Every assessment is carried out in-house by our own engineers, valuers and chartered accountants, never sub-contracted. And because one team can stay with a project from appraisal through construction to exit, our clients get a consistent opinion at every stage of the credit.
That depth is why all four Big Four firms in India have engaged us to support their own mandates.
11 offices across India — Mumbai (headquarters at Dadar), Pune, Ahmedabad, Hyderabad, Panaji, Delhi NCR, Bengaluru, Chennai, Kochi and Kolkata — with 30+ professionals. All our offices are in India; assignments have also been completed in the UAE, Oman, the USA, Ethiopia, Zambia, Uganda and Ghana.
The practice was founded in 1982 by Anil B. Pai Kakode as a valuation and engineering firm. Kakode Associates Consulting Private Limited was incorporated in 2015 by Ameet Pai Kakode, adding TEV and LIE capability, with IBBI registration and IBC valuation capability added in 2018.
Closing call to action
Valuation · TEV Advisory · Project Monitoring · Lenders’ Independent Engineer · Chartered Engineer Certification · Cost Vetting · Financial & Technical Due Diligence
Or write to operations@kakode.com.
